Upper Canyon Announces $1,250,000 Private Placement
(via Thenewswire.ca)
Vancouver, BC - Upper Canyon Minerals Corp. ("UCM" or the "Company") (TSX VENTURE: UCM) announces that it has arranged a private placement in the capital of the Company (the "Offering") for aggregate gross proceeds of up to $1,250,000.
The Offering is comprised of up to 9,090,909 flow through units (the "FT Units") at a price of $0.11 per FT Unit and up to 3,125,000 units (the "NFT Units") at a price of $0.08 per NFT Unit. Each FT Unit will consist of one common share in the capital of the Company which will be designated as a flow-through share pursuant to the Income Tax Act (Canada) and one-half of one share purchase warrant (a "FT Warrant"). Each FT Warrant will entitle the holder to purchase one common share in the capital of the Company (a "Share") at a price of $0.15 per Share for a period of one year from the closing of the Offering. Each NFT Unit will consist of one Share and one share purchase warrant (a "NFT Warrant"). Each NFT Warrant will entitle the holder to purchase one Share at a price of $0.13 per Share for a period of one year from the closing of the Offering.
In connection with the Offering, the Company will pay a cash finder's fee equal to 6% (no HST payable) of the proceeds of the Offering, and issue finder's fee options equal to 5% of the number of units subscribed for in the Offering.
Closing of the Offering is subject to a number of conditions, including the receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory holder period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The proceeds from the Offering will be used to advance the Brosnor Gold Property through the current phase of exploration and onto permitting, further exploration and development of the underground workings and for general working capital and corporate purposes.
About Upper Canyon Minerals Corp., a growth oriented mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: UCM), whose mission is the discovery and development of high quality precious and base metal resources, with a goal of advancing them into commercial production. UCM's exploration work is currently focused on the Brosner Gold property located near Val d'Or, Abitibi, in Quebec, Canada.
For additional information, contact either Karim Rayani, email: kr@uppercanyonminerals.com or Tom Thomsen e-mail: tthomsen@uppercanyonminerals.com (604) 628-1767 or visit website www.uppercanyonminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Tom Thomsen"
TOM THOMSEN
President & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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